NIKE(US:NKE) 智通财经网·2025-12-18 23:44Core Insights - Nike's Q2 FY2026 earnings report showed revenue and profit exceeding market expectations, but net profit declined by 32% year-over-year due to margin pressure and challenges in direct sales [1][3][6] Financial Performance - Net profit decreased from $1.16 billion to $792 million, with diluted earnings per share dropping from $0.78 to $0.53, surpassing market expectations of $0.38 [1] - Net sales reached $12.43 billion, a slight increase of 1% from $12.35 billion year-over-year, exceeding market expectations of $12.22 billion [1] - Gross margin fell by 3% to 40.6%, primarily due to increased tariffs in North America [6] Business Segment Analysis - Nike brand revenue for Q2 was $12.1 billion, up 1% year-over-year, driven by North American performance, but offset by declines in Greater China and APLA [3] - Revenue from the direct-to-consumer (DTC) segment was $4.6 billion, down 8%, with digital sales declining by 14% and in-store sales down by 3% [3] - Wholesale channel revenue grew by 8% to $7.5 billion, while Converse brand revenue plummeted by 30% to $300 million due to declines across all regions [6] Strategic Outlook - Nike is refocusing on wholesale partnerships after challenges with its DTC strategy, aiming to restore market trust [7] - The company is prioritizing the reset of the Converse brand and addressing performance issues in key markets, particularly China [8] - CEO Elliott Hill emphasized ongoing efforts in the "Win Now" strategy, which includes team restructuring and strengthening retail relationships [8] Stock Performance - Nike's stock has seen a significant decline, with a 30% drop over the past year, and a 13.1% decline since the beginning of 2025, contrasting with a 15.4% increase in the S&P 500 [9][10]